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Netherlands – Slow economic recovery impacts Source Group’s results

02 September 2014

Dutch staffing firm Source Group (SOURC: NA) last week reported net revenue of €4.9 million for the six months ending 30 June 2014, a decrease of -14.2% from €5.7 million last year. Gross profit for the period was €2.3 million, a decrease of -3% from €2.4 million in 2013.

Source Group achieved an operating profit for the period of €124,000, an improvement against an operating loss of €254,000 a year ago.

According to the company’s financial statement: “The focus on MSP (managed service providers) contracts, internationalisation, and the placement of workers has proven fruitful. The decrease of €10 million in gross sales (from €99.7 million last year to €89.7 million in 2014) was a result of a delay in the start of a large MSP contract and the loss of several customers. The slow economic recovery and other international developments have also played a role.”  

In April 2013, the company announced that it had undergone further corporate changes after divesting some of its subsidiaries for €2 million. A press statement at the time advised that the company had sold its Corso mediation business and other subsidiaries, with the sale bringing a ‘substantial’ improvement to its balance sheet.

Source Group specialises in placing self-employed, temporary staff, and freelancers into sectors such as ICT, financial services, and administration.